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MODERNIZATION OF FOIL-ROLLING PLANT ARMENAL IN ARMENIA WILL BE
COMPLETED IN MIDDLE OF 2005
YEREVAN, AUGUST 6. ARMINFO. Modernization of the foil-rolling plant
Armenal in Armenia will be completed in the middle of 2005. The plant
belongs to the Russian Aluminum JSC, Minister for Trade and Economic
Development of Armenia Karen Chshmarityan said at a press-conference
today.
He said that modernization was initially planed to be completed within
11 months (by th end of November, 2004, as the minister said), but
then, the plant's owner asked prolongation of the terms for 5-6
months. The minister said that in conformity with the specified data,
the cost of the investment program grew to $70 mln as against $34 mln
earlier announced by Rusal. Chshmarityan said that the increase in the
investment volume is connected with purchase of additional
equipment. He added that orders for $17 mln will be placed at
enterprises in Armenia and negotiations with them are currently in
process. The minister connected the protraction of the terms of the
investment program's implementation with lack of an agreement between
the plant's owner and the General Contractor, the German company
"Achenbach," which won a tender for modernization of Armenal in
December.
It should be noted that Armenal's output in 2003 totaled 21 bln drams
($37,1 mln), which is 3.1 times more than the indicator of the
previous year. The plant manufactured 10.5 thous tons of products in
the period under review, which is twice more than in 2002. Armenal has
been suspended since the end of December, 2003 for
modernization. Armenal CJSC was founded in May, 2000, on the basis of
Kanaker Aluminum plant (KanAZ) as a JV with participation of the
companies Russian Aluminum and "KanAZ" OJSC. Since Jan, 2003, 1003 of
Armenal's shares belong to the Russian Aluminum JSC.
COMPLETED IN MIDDLE OF 2005
YEREVAN, AUGUST 6. ARMINFO. Modernization of the foil-rolling plant
Armenal in Armenia will be completed in the middle of 2005. The plant
belongs to the Russian Aluminum JSC, Minister for Trade and Economic
Development of Armenia Karen Chshmarityan said at a press-conference
today.
He said that modernization was initially planed to be completed within
11 months (by th end of November, 2004, as the minister said), but
then, the plant's owner asked prolongation of the terms for 5-6
months. The minister said that in conformity with the specified data,
the cost of the investment program grew to $70 mln as against $34 mln
earlier announced by Rusal. Chshmarityan said that the increase in the
investment volume is connected with purchase of additional
equipment. He added that orders for $17 mln will be placed at
enterprises in Armenia and negotiations with them are currently in
process. The minister connected the protraction of the terms of the
investment program's implementation with lack of an agreement between
the plant's owner and the General Contractor, the German company
"Achenbach," which won a tender for modernization of Armenal in
December.
It should be noted that Armenal's output in 2003 totaled 21 bln drams
($37,1 mln), which is 3.1 times more than the indicator of the
previous year. The plant manufactured 10.5 thous tons of products in
the period under review, which is twice more than in 2002. Armenal has
been suspended since the end of December, 2003 for
modernization. Armenal CJSC was founded in May, 2000, on the basis of
Kanaker Aluminum plant (KanAZ) as a JV with participation of the
companies Russian Aluminum and "KanAZ" OJSC. Since Jan, 2003, 1003 of
Armenal's shares belong to the Russian Aluminum JSC.